European gas prices are rising after threats from the President of Belarus, Alexander Lukashenko to consider closing the pipelines connecting Russia with Europe.
European gas futures have returned to the ground after their morning losses in the wake of Lukashenko’s statements that his country will respond to new European sanctions.
About 20% of Russian gas flows to the European Union pass through Belarus, mainly through the Yamal-Europe pipeline, which also passes through Poland and ends in Germany, according to Bloomberg.
“We are warming Europe and they are threatening to close the borders,” Lukashenko told a government meeting on Thursday, according to state news agency Belta. “What if we cut off gas flows there? In this context, I would advise the leaders of Poland, Lithuania and other brainless people to think before they speak.”
Flows in Mallnow, Germany, where the Yamal-Europe pipeline ends, are already quite low compared to normal levels, according to Bloomberg. Norwegian flows are also down due to unplanned holidays, at a time when temperatures in northwestern Europe are expected to fall below normal levels by Sunday, the agency said.
In this climate, European gas futures for next month are gaining 2.1% to 71.36 euros per megawatt-hour, while the corresponding British is up 2.8% at 185 pence per unit of heat.
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